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Cryptocurrency - off topic

A neighbour of mine has asked me if I know anything about Cryptocurrency. Unfortunately, I don't but was hoping someone here does.

Apparently, he was playing around with his Revolut account over the weekend and when he got up on Saturday morning instead of £355 in the account there was £1.9m. However, he couldn't withdraw/move the funds.

He spoke with them on their Live Chat and they've stalled him a bit telling him the reinstall the app etc and now he's gone back down to pretty much the original amount.

I've told him it's most probably a glitch and that things like this would be covered within the T & C somewhere but does anyone here have a similar experience to share?

Many thanks. I've been promised a percentage if he (very unlikely) gets the money so I'd share with whoever can help me on here too.

posted on 28/7/21

comment by Timmy (U14278)
posted 35 minutes ago
I would get out before the government shuts it down.

No government will allow cryptocurrency as it can be too easily hidden from the tax man.

That bubble will burst pretty soon.
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Just utter nonsense... The only thing the governments of the world could really stand a chance of controlling would be the fiat to btc conversion and mining. The idea that they could flat out ban the right to own crypto is stupid in concept and impossible in practise. It's like trying to ban the internet.

posted on 28/7/21

btw - bitcoin is pretty damn easy to find by the taxman. That's why no one on the dark net uses it now.

It's a clear sign that you are talking out your asss

posted on 28/7/21

Ji only way they could control it is if they turned off the Internet globally. Not gonna Happen

posted on 28/7/21

If you had millions in btc any person with a brain would transfer it to monero or another privacy coin and then it can’t be traced.

posted on 28/7/21

Personally I think defi will destrupt the financial system in a big way

posted on 28/7/21

And personally I’m more invested in a future of crypto to crypto rather than fiat. So let’s see what happens

posted on 28/7/21

The crypto space is also far more innovative and faster than regulation and governments. The innovation and solutions are super fast beyond what government can do

posted on 28/7/21

There are too many companies that are tech led (USA and UK being two) and know that if they ban such tech, but other countries carry on, they get left behind.

Anyone confidently stating that crypto will face a government ban by a lot of countries should be treated much like someone who thought cars, planes, tv or the internet would get banned.

posted on 28/7/21

comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 9 minutes ago
There are too many companies that are tech led (USA and UK being two) and know that if they ban such tech, but other countries carry on, they get left behind.

Anyone confidently stating that crypto will face a government ban by a lot of countries should be treated much like someone who thought cars, planes, tv or the internet would get banned.
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A ban is incredibly highly unlikely. I think they’ll work to make it more difficult to hide and hoard though.

They’ll have their own controllable and more easily traceable and taxable versions circulating eventually. And they’ll work to make life a lot easier for people who use virtual fiat.

posted on 28/7/21

The issue is the space is very fast moving and governments can’t catch up. In 10 years huge amounts of innovation have happened. Defi is worth over 50b for example and growing exponentially. It’s a major threat to traditional finance. Literally the streaming services to blockbuster.

Crypto is also opening the door to the unbanked and eventually crypto to crypto will become extremely popular. As inflation rises with endless printing, not having crypto will be a huge disadvantage. Fiat is going to suffer badly in the coming years and decades. You can’t print endlessly without consequences. Countries with high inflation currently have led to citizens adopting crypto.

Crypto has endless use cases as well. The innovation is to fast and even the us government can’t even hack monero.

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